An Explanation Of The Strategic Management Process

To achieve its long-term objectives that would enable an organization, strategic or institutional management is the conduct of implementing, evaluating cross-functional decisions and drafting. In order to design and achieve these objectives and then allocating resources to implement the programs, projects, plans and policies, it is the process of specifying the organization’s objectives, mission and vision, developing policies and plans, often in terms of projects and programs. Companies often evaluate the overall performance of the business and its progress towards objectives through a balanced scorecard.

Strategic management is the art and science of formulating, implementing and evaluating cross-functional decisions that will enable an organization to achieve its objectives. It involves the systematic identification of the firm 's objectives, nurturing policies and strategies to achieve these objectives, and acquiring and making available these resources to implement the policies and strategies to achieve the firm 's objectives. Strategic management, therefore, integrates the activities of the various functional sectors of a business, such as marketing, sales and production to achieve organisational goals. It is the highest level of managerial activity, usually

See Chapter 1, Exhibit 01: Strategic management consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages:

"Strategic management is a set of managerial decisions and actions that determine the long-run performance of a corporation" (Wheelen & Hunger, 2006, p.3). The benefits of strategic management helps the firm focus on the objectives and develop the steps involved in obtaining the vision and financial wealth of the organization. An effective strategic management plan should include the following three questions: (1) Where is the organization now? (2) If no changes are

Strategic management is the process where leaders establish an organization’s long-term direction, set the specific performance objectives, develop strategies to achieve these objectives in the light of all external and internal changes, and undertake effective strategies to manage these changes and execute action plans.

The strategic objective is not a business plan, relatively, it is a life plan that shape the individual live which will serve the business portion. This objective is a set simple and clear standard that may create and strive to a successful outcome if implemented correctly. These standard are simple to eliminate confusion and is a measuring system to visually see the progress invested to determine the next move. This progress takes time, but the investment in this implementation is well worth the wait over time when the business finally illustration a positive

A strategic objective is one that an organization must achieve to make its strategy succeed. Strategic objectives for Hitek are

The many factors of strategic management are implemented in every form. That is the separation between a business/organization and just an idea. The strategy of developing methods based on data, implementing the methods and then reconstructing the strategy as you see the uncover opportunities for improvement. Strategic management is a relevant to every organization or company that has a goal to be effective and progressive in their

According to Certo & Peter (1995), "through strategies, it is possible to establish goals, goals, projects, budgets, logistics, tactics, action plans, and anticipate problems that may occur along the way, thus reducing company risks. " Therefore, the development of strategic objectives is a thick formula of how the company will compete and what the established goals and policies will be to achieve the goal. According to David & David (2015), "the strategic objectives include things like a larger market share, quicker on-time delivery than rivals, shorter design-to-market times than rivals, lower costs than rivals, higher product quality than rivals, wider geographic coverage than rivals, achieving technological leadership, consistently getting new or improved products to market ahead of rivals, and so on. "

For the first section, strategic “objectives (ends) explain ‘what’ needs to be accomplished…strategic objectives directly serve the strategic purpose – the desired end state”1

What Is Strategic Management a process for defining and addressing the management implications of an organization's strategic and operational plans? A long-term context for short-term activities. Strategic management is the analysis of the work done by the management of an organization on behalf of the owners. It gyrates around expressing the purposes of the organization and coming up with an appropriate mission and vision statement. Mission and vision statement together are used to help develop policies and plans to be used in long term and short term goals often categorized as projects or programs. It also involves the right resources of management to ensure that the business profit are maximized to grow the company. Strategic Competitiveness

The strategic management process is based on the belief that businesses should continually monitor internal and external events so timely changes can be made. To survive, firms must be able to identify and adapt to change. This involves timely planning, directing, organizing and controlling of the strategy-related decisions and actions of the firm (Camerer, 195-219).

The strategic management is actually defined as the process in which an organization actually formats and also implements the plans which espouse the objectives and goals of that organization (Diana Wicks, 2011). The process of the strategic management is continuous and it changes with the evolution of the organizational goals and objectives.

Fred R. David (2007:5) defined strategic management as “the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organisation to achieve its objectives.

Fred R. David (2007:5) defined strategic management as “the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organisation to achieve its objectives.